April 26, 2009
-- by Dave Johnson
Investment is not "spending." It's what the money is used FOR that makes the difference. Repubican spending wasted money and drove up debt. Obama's investments will eventually help us pay off debt.
I am in a motel room and got up too early, so I'm watching the dreadful morning news shows, which means hearing the Republican talking points over and over and over. ... So they say Obama is spending a lot of money, and driving up the debt. Let's look at that:
1) Yes, we have to spend money on things made necessary by Republican policies, like unemployment checks, deferred infrastructure maintanance, interest on debt cause by tax cuts for the rich, etc.
2) Republicans spent money on things that caused problems: tax cuts for the rich, military, subsidies for crony corporations, etc. This just runs up debt without leading to any way to pay it off.
3) The Obama spending is on fixing problems, and investment. Spending on investment leads to ways to pay off the debt. Eisenhower spent to build the interstate highway system. But now look back at how that helped all of us and grew the economy in ways that allowed us to pay back that costs many times over. The Obama spending is on high-speed rail, alternative energy and energy efficiency, education and other investments that will enable us to eventually pay off even the Reagan/Bush debt.
4) Remember that Clinton brought us well along toward paying off debt until the Republicans got in and stopped that.
Sure it is spending. Spending is a good thing if it is spent on US and on investment. Bush did neither. Obama is doing both.
Posted by Dave Johnson at April 26, 2009 7:20 AM
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